- The XRP bulls meet resistance at $0.30, but the price may bounce back at $0.27 support.
- Ripple’s XRP is now following an ascending broadening wedge formation as short-term bullish swing remains intact.
Ripple’s XRP has continued to see substantial growth following a bullish reversal on September 24. The last few days of price variations have made XRP to pullback at $0.30, although the market is still bullish in the short-term. Looking at the current price loss of -2.03%%, the third-largest cryptocurrency may continue its upward move if the $0.27 can continue to function as support.
Ripple’s Current Statistics
Trading Price: $0.281
Market Capitalization: $12,150,287,702
Trading Volume: $1,605,142,168
Key Resistance Levels: $0.29, $0.30
Key Support Levels: $0.27, $0.25
Ripple Price Prediction for October 16, 2019
On the 4-hour chart, Ripple’s XRP is following a bullish wedge formation but now pullback towards the wedge’s lower boundary. After dropping from $0.30 yesterday, the XRP price is now approaching the $0.27 support–which could provide a rebound level for the next bullish rally. Over the past three weeks now, the bearish impulsive move has been suspended.
Should the bears exhaust momentum around the mentioned support zones, a bullish continuation is expected to occur. However, we should keep an eye on the $0.29 and $0.30 before printing a new high. Nonetheless, the XRP bull are dictating the pace for now on a short-term but remains bearish on a long-term outlook
We should expect a quick buy once the trade reaches the wedge’s support at $0.27. And if the price fails to rebound, then a bearish breakout is likely to trigger more selling opportunity for traders – which might cause the price to retest the August low at $0.25.
Technical Indicator Reading
The RSI for Ripple’s XRP has turned bearish after reaching the overbought zone yesterday. We can expect XRP to resume bullish in the next couple of days or even hours.
The MACD shows that the Ripple (XRP) bulls are still present but now falling near the zero level to signal a slight bearish momentum. A bullish continuation is expected if the zero level can continue to sustain bullish pressure.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.